Wirecard’s Creditors Prepare for Battle Over Missing Billions

The implosion of Wirecard AG in one of the biggest financial scandals in German corporate history leaves creditors who lent it as much as 3.2 billion euros ($3.6 billion) wondering if they’ll ever see their money again.

The company filed for court protection from creditors on Thursday and there’s 1.9 billion euros missing from its balance sheet. Administrators face a long and complex task picking through the rubble of the first insolvency by a member of Germany’s main stock index.

What comes next?

The insolvency court in Munich needs to formalize the process and appoint an administrator. While the exact ...